Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, announced today that ICE Clear Credit, the leading clearing house for credit default swaps (CDS), has launched clearing for non-investment grade, high yield single name CDS instruments.
Intercontinental Exchange was the first to offer CDS single name clearing for both dealers and buy-side clients, beginning in 2009.
“We are pleased to extend our clearing solutions to non-investment grade single name constituents of the high yield index. In clearing these instruments, we are able to offer market participants additional capital efficiencies,” said ICE Clear Credit President Stan Ivanov .
Following the launch of high yield single names, ICE will clear nearly 500 CDS instruments through ICE Clear Credit and itsLondon based clearing house, ICE Clear Europe, including North American, European and emerging market indices as well as sovereign and corporate single names.
Since launching CDS clearing five years ago, ICE has cleared more than $53 trillion in gross notional value of CDS, with open interest today of approximately $1.7 trillion. Fact Sheet
